UK Legal Documents, Legal Forms and Legal advice

Stamp Duty Land Tax(Deferred Payments)Regulations 2003

Crown Copyright Acknowledged

Stamp Duty Land Tax(Deferred Payments)Regulations 2003

	Made Laid before Parliament Coming into force	2003 2003 1st December 2003

The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by sections 90(2), (3) and (6) and 113(2) of, and paragraph 1(1) to (3) of
Schedule 10 to, the Finance Act 2003(a), make the following Regulations:

1-	Citation and commencement

These Regulations may be cited as the Stamp Duty Land Tax (Deferred Payments) Regulations 2003 and shall come into force on 1st December 2003.

2-	Interpretation

(1)

In these Regulations—

			“application” means an application under section 90;
			“the Board” means the Commissioners of Inland Revenue;
			“the Inland Revenue” means any officer of the Board;
			“land transaction return” has the meaning given by section 76(1);
			“relevant events” has the meaning given by regulation 4(2)(c);
			“tax” means stamp duty land tax.

(2)

In these Regulations a reference to a numbered section is a reference to the section of the Finance Act 2003 bearing that number.

		(a)	2003 c. 14. Section 113(2) is cited for the meaning of “the Inland Revenue”.

MAKING AN APPLICATION

3-	When application to be made

An application must be made on or before the last day of the period within which the land transaction return relating to the transaction in question must be delivered.

4-	Form and contents of application

	(1)	An application must be in writing.
	(2)	An application must set out all the facts and circumstances relevant to it and, in particular, must specify—

		(a)	the consideration to which it relates;
		(b)	the respects in which that consideration is contingent or uncertain; and
		(c)	the events (“relevant events”) on the occurrence of which any part of that consideration will—

			(i)	cease to be contingent, or
			(ii)	become ascertained.

5-	Additional contents of application where consideration consists of works or services

(1)

This regulation applies where the consideration to which an application relates, or any element of that consideration, consists of—

		(a)	the carrying out of works of construction, improvement or repair of a building or other works to enhance the value of land; or
		(b)	the provision of services (other than the carrying out of such works).

(2)

The application must contain a scheme for payment of tax which must include—

		(a)	a proposal for the payment of tax in respect of the consideration, or element of the consideration, consisting of the carrying out of such works or the provision of such services within 30 days after the carrying out or provision is completed;
		(b)	if the carrying out of such works or the provision of such services is expected to last for more than 6 months, proposals for a scheme of payment of tax at intervals of not more than 6 months

6-	Provision of information

(1)

The Inland Revenue may by notice in writing require a person by whom an application is made to provide such information as they
may reasonably require for the purposes of determining whether to accept the application.

(2)

A notice given under this regulation must specify the time (which must not be less than 30 days from the date of issue of the notice) within which the applicant must comply with it.

7-	Recovery of tax not postponed by application

	(1)	This regulation applies where an application has been made but has not been accepted by the Inland Revenue (including where there is an appeal under regulation 11 against the refusal of the application).
	(2)	The tax in respect of the chargeable consideration to which the application relates remains due and payable as if there had been no application (and, if relevant, no appeal).This is subject to—

		(a)	the following paragraphs of this regulation;
		(b)	regulation 14 (direction by Commissioners postponing payment); and
		(c)	regulation 15 (agreement to postpone payment).

	(3)	Payment of an amount of such tax as would not be due and payable if the application were accepted shall be postponed pending the reaching of a decision on the application.
	(4)	If an application is refused by the Inland Revenue, and there is no appeal under regulation 11 against the refusal of the application, the date on which any tax the payment of which had been postponed under paragraph (3) is due and payable shall be determined as if it were charged by an assessment of which notice was issued on the date on which the Inland Revenue issues to the applicant a notice of the total amount payable in consequence of the refusal of the application.
		This is subject to—

		(a)	regulation 14 (direction by Commissioners postponing payment); and
		(b)	regulation 15 (agreement to postpone payment).

1 2 3

Contents

Citation and commencement

MAKING AN APPLICATION

Provision of information

Notice of decision on an application

Grounds on which application may be refused

Tax avoidance arrangements

Settling of appeals by agreement

Direction by Commissioners postponing payment

Agreement to postpone payment

PART 4

Form and contents of returns

Related Documents

Section 8 Notice (Notice to quit form)

Application to amend Duty Stamps Registration details

Application to cancel Duty Stamps Registration

Duty Stamps - application for registration

	Need Drafting Services?
	Visit our personal drafting service pages for bespoke drafting.
	Learn more...

	Legal Document Services
	Buy legal forms and documents prepared for your precise requirements.
	Learn more...


	After the event insurance.
	Advertisement